Cathie Wood Buys The Dip In AMD, Ark Loads Up On Coinbase — But Scales Back On Airbnb

Benzinga15:16

On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Advanced Micro Devices Inc. (NASDAQ:AMD), Broadcom Inc. (NASDAQ:AVGO) , Coinbase Global Inc. (NASDAQ:COIN), and Airbnb Inc. (NASDAQ:ABNB).

The AMD Trade

ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Space & Defense Innovation ETF (BATS:ARKX), collectively acquired 30,139 shares of AMD. The stock closed at $203.08, marking a 2.05% decline. This purchase amounts to approximately $6.1 million.

Despite the recent dip, AMD remains a pivotal player in the semiconductor sector, which has seen a subtle shift as investors reassess valuations and demand cycles. Recent trends indicate a cautious approach towards semiconductor stocks, including AMD, as their prices have surged beyond fundamental support.

The Broadcom Trade

ARKK and ARKQ funds purchased a total of 24,205 shares of Broadcom, valued at approximately $8 million, with the stock closing at $332.54.

Broadcom’s recent performance has been bolstered by Google parent Alphabet Inc.’s forecast of increased capital expenditures, which has positively impacted Broadcom’s stock.

The Coinbase Trade

Ark Invest made a significant move by acquiring 41,453 shares of Coinbase across its ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Next Generation Internet ETF (BATS:ARKW) and ARKK funds. The stock closed at $166.02, resulting in a total investment of approximately $6.9 million.

Coinbase has been gaining market share and is viewed as a key player in the cryptocurrency economy. Analysts have noted the company’s diversification and strategic positioning in the crypto space.

The Airbnb Trade

Airbnb’s stock has been on the rise following Airbnb Inc.ARKF and ARKK funds. With the stock closing at $124.23, this sale is valued at approximately $2 million.

Airbnb’s stock has been on the rise following positive earnings and analyst revisions, despite missing EPS expectations.

Other Key Trades:

  • Twist Bioscience Corp. (TWST): Sold 119,374 shares across ARKG and ARKK.

  • Teradyne Inc. (TER): Sold 43,586 shares across ARKK, ARKQ, and ARKX.

  • CRISPR Therapeutics AG (CRSP): Bought 84,663 shares across ARKG and ARKK.

  • PagerDuty Inc. (PD): Sold 103,617 shares across ARKK and ARKW.

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